v3.25.4

Segment Information | 12 Months Ended
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Dec. 31, 2025
Segment Reporting [Abstract] |
Segment Information | SEGMENT INFORMATION We have determined that our properties, which are considered our operating segments, have similar economic characteristics and meet the criteria that permit these operating segments to be aggregated into one reportable segment (the leasing, management, development and redevelopment of properties in New York City). Net operating income (“NOI”) represents total revenues less operating expenses. The Company’s chief operating decision maker ("CODM") is its Chief Executive Officer, who considers NOI to be the financial measure of segment profit and loss for making decisions on how to allocate resources and assessing the performance of the segment. Asset information by segment is not reported as the CODM does not use this measure to assess segment performance or to make resource allocation decisions. Below is a summary of financial information for the years ended December 31, 2025, 2024 and 2023.
|  |  | Year Ended December 31,
(Amounts in thousands) | 2025 |  | 2024 |  | 2023
| Rental revenues | $ | 213,183 |  |  | $ | 226,374 |  |  | $ | 224,962 |
| Real estate tax expense | (61,665) |  |  | (59,256) |  |  | (57,722) |
| Other segment expenses (1) | (44,711) |  |  | (43,984) |  |  | (43,488) |
| Total operating expenses | (106,376) |  |  | (103,240) |  |  | (101,210) |
| NOI |  | $ | 106,807 |  |  | $ | 123,134 |  |  | $ | 123,752 |
(1) | Includes various expenses associated with operating our properties including but not limited to ground rent, insurance, repairs and maintenance and utilities.
Below is a reconciliation of NOI to net income for the years ended December 31, 2025, 2024 and 2023.
|  |  | Year Ended December 31,
(Amounts in thousands) | 2025 |  | 2024 |  | 2023
| NOI | $ | 106,807 |  |  | $ | 123,134 |  |  | $ | 123,752 |
| Net gain on sale of real estate | — |  |  | — |  |  | 53,952 |
| Interest and debt expense | (51,624) |  |  | (62,818) |  |  | (58,297) |
| Interest and other income | 14,657 |  |  | 24,429 |  |  | 22,245 |
| General and administrative | (6,555) |  |  | (6,519) |  |  | (6,341) |
| Depreciation and amortization | (35,061) |  |  | (34,782) |  |  | (32,898) |
| Net income | $ | 28,224 |  |  | $ | 43,444 |  |  | $ | 102,413 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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